Cryptocurrencies Raise “Significant Issues” for Authorities: Australia’s Central Bank
Australia’s central bank addressed the growing popularity of cryptocurrencies like bitcoin in a parliamentary committee testimony.
The Reserve Bank of Australia (RBA) has joined a growing list of regulatory counterparts around the world in discussing its regulatory stance and views on cryptocurrencies. Earlier this month, the deputy director of the Philippines’ central bank spoke about the “benefit of using virtual currencies like bitcoin” by calling them “fast, near real-time and convenient.”
Speaking during a testimony to the House of Representatives’ committee on tax and revenue on Friday, RBA’s head of payments Tony Richards said the central bank had noted “that Committee members have expressed interest in digital currencies or cryptocurrencies.” The official also revealed that the authority “has been closely monitoring” the topic of cryptocurrencies and blockchain technology “over recent years.”
The central bank had no concerns about the regulation of cryptocurrencies as payment instruments, the official revealed.
He stated:
I'm wishing with all my heart that our government embraces cryptocurrency. It has the power to revolutionise the Aussie economy and others. Can leapfrog forward compared to other countries. Too much fear, particularly in the finance sector, is a hurdle though.
No fear. Its about control ... more than apprehension ...